After a week-long of strikes, rallies, street protests and weekend's failed talks with labour, President Goodluck Jonathan, in a nationwide broadcast this morning, announced new pump price for petrol, saying the product will now sell at N97 per litre.
The new price is N44 less than the N141 announced by the Petroleum Products Pricing Regulatory Agency, PPPRA, on January 1st; and N32 higher than the former price of N65, demanded by labour and the civil society for the strike to be called off.
According to the President, PPPRA has been directed to ensure compliance with the new pump price.
Jonathan, however, said that his government is working hard to reduce recurrent expenditure in line with current realities and to cut down on the cost of governance.
He also said the Federal Government has started the implementation of the Subsidy Reinvestment and Empowerment projects which inludes the government – assisted mass transit programme and job creation for the youth."
Jonathan, in the broadcast, vowed to tackle corruption in the petroleum industry , as well as, other sectors of the economy, saying, " all those found to have contributed one way or the other to the economic adversity of the country will be dealt with in accordance with the law."

His words: " Government will continue to pursue full deregulation of the downstream petroleum sector. However, given the hardships being suffered by Nigerians, and after due consideration and consultations with state governors and the leadership of the National Assembly, government has approved the reduction of the pump price of petrol to N97 per litre. The Petroleum Products Pricing Regulatory Agency (PPPRA) has been directed to ensure compliance with this new pump price. "
His words: " Government will continue to pursue full deregulation of the downstream petroleum sector. However, given the hardships being suffered by Nigerians, and after due consideration and consultations with state governors and the leadership of the National Assembly, government has approved the reduction of the pump price of petrol to N97 per litre. The Petroleum Products Pricing Regulatory Agency (PPPRA) has been directed to ensure compliance with this new pump price. "
" Government is working hard to reduce recurrent expenditure in line with current realities and to cut down on the cost of governance. In the meantime, government has commenced the implementation of the Subsidy Reinvestment and Empowerment projects: including the Federal Government- assisted mass transit programme which is already in place, and job creation for the youth."
"Furthermore, the legal and regulatory regime for the petroleum industry will be reviewed to address accountability issues and current lapses in the Industry. In this regard, the Petroleum Industry Bill will be given accelerated attention. The report of the forensic audit carried out on the NNPC is being studied with a view to implementing the recommendations and sanctioning proven acts of corruption in the industry."
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